The company exhibits significant cash burn, highlighted by a $3.9M capital expenditure spike in 2026Q3 and an erratic OCF/NI ratio that reached -3.97 in 2026Q1, indicating limited cash-generating capacity.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 |
|---|
| Cash from Operations | -5.96M | -3.78M | -3.79M | -2.48M | -1.4M | -802.92K | -414.57K | -1.25M | -1.95M | -469.69K | -33.65K | -62.73K | -178.78K | -255.71K | -228.71K | -40.59K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -6072.97% | 0.38% | -53.26% | -76.55% | -74.67% | -93.68% | 66.8% | 36.09% | -315.92% | -1295.89% | 46.36% | 64.91% | 30.08% | -11.81% | -463.51% | - |
| Net Income | -3.39M | -3.62M | -4.47M | 956.58K | -4.15M | -2.61M | -2.27M | -2.72M | -10.66M | -1.26M | -182.53K | -149.85K | -581.54K | -191.69K | -364.68K | -73.09K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 3.77K | 0 | 85 | 0 | 0 | 0 | 240 | 0 | 0 | 0 |
| Stock-Based Compensation | 997.95K | 872.88K | 910.7K | 815.43K | 2.48M | 1.78M | 14.99K | 1.4M | 8.43M | 423.14K | 20.89K | 8.13K | 47.74K | 3.01K | 139.69K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -4.91M | -2.44M | 89.26K | -4.61M | 138.05K | 42.43K | 919.65K | -5K | 216.99K | 281.2K | 3K | 0 | 239.56K | -40K | 0 | 0 |
| Working Capital Changes | 1.34M | 1.4M | -322.55K | 363.73K | 128.18K | -15.9K | 916.99K | 80.74K | 51.88K | 89.1K | 124.99K | 78.98K | 115.21K | -27.04K | -3.71K | 32.5K |
| Change in Receivables | -238.72K | -85.65K | 0 | 0 | 0 | 0 | 58.8K | 62.46K | 0 | 0 | 232 | 1.45K | 21.57K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 278.33K | 163.52K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -8.87M | -2.67M | -2.34M | -797.82K | -825.71K | -313.96K | -340.84K | -2.08M | -974.85K | -574.32K | -16K | -83.75K | -82.66K | -201.24K | -5.5K | -10.5K |
| Capital Expenditures | -4.13M | -249.96K | -2.58M | -294.96K | -220.03K | -162.85K | -125K | -185.43K | -338.39K | -165K | -26K | -90K | -82.66K | -201.24K | -5.5K | -10.5K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | -656.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.75M | -1.77M | 232.85K | -502.86K | -605.68K | -151.11K | -215.84K | -1.89M | -636.46K | -409.32K | 10K | 6.25K | 0 | 0 | 0 | 0 |
| Cash from Financing | 12.54M | 10.46M | 6.56M | 3.61M | 2.07M | 1.51M | 620.66K | 248.42K | 5.83M | 1.34M | 52.95K | 138.5K | 37K | 0 | 881.95K | 65K |
| Debt Issued (Net) | -360.98K | -600K | -240.61K | 914.12K | -71.63K | 46.21K | 124.66K | 0 | -1K | -24.5K | 16.5K | 13.5K | 37K | 0 | 0 | 0 |
| Equity Issued (Net) | 8.07M | 11.85M | 7.05M | 1.66M | 592.37K | 467.71K | 300K | 100K | 713K | 1.15M | 37.5K | 125K | 0 | 0 | 1.02M | 60K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 4.45M | -789.48K | -244.01K | 1.04M | 1.55M | 991.97K | 196K | 148.42K | 5.12M | 214.94K | -1.05K | 0 | 0 | 0 | -143.05K | 5K |
| Net Change in Cash | -2.2M | 4.01M | 423.67K | 339.13K | -156.76K | 389.01K | -134.75K | -3.08M | 2.9M | 297.94K | 3.3K | -7.99K | -224.45K | -456.95K | 647.75K | 13.91K |
| Free Cash Flow | -6.18M | -4.03M | -6.38M | -2.77M | -1.62M | -965.77K | -539.57K | -1.43M | -2.29M | -1.04M | -59.65K | -152.73K | -261.45K | -456.95K | -234.21K | -51.09K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 2.18% | 36.79% | -130.08% | -70.79% | -68% | -78.99% | 62.37% | 37.43% | -119.53% | -1650.27% | 60.95% | 41.58% | 42.78% | -95.11% | -358.45% | - |
| FCF per Share | -0.43 | -0.54 | -1.41 | -0.70 | -0.50 | -0.35 | -0.22 | -0.69 | -1.33 | -1.08 | -0.14 | -0.40 | -0.70 | -1.23 | -0.80 | -0.37 |
| FCF Conversion (FCF/Net Income) | 1.83x | 1.05x | 0.85x | -2.59x | 0.34x | 0.31x | 0.26x | 0.46x | 0.18x | 0.37x | 0.18x | 0.42x | 0.31x | 1.33x | 0.63x | 0.56x |
| Interest Paid | 49.45K | 113.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dilutive financing dependency
As reported in quarterly financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -3.97 in 2026Q1 to 1.83 in 2025Q1, suggesting that reported earnings provide little insight into the company's actual cash-generating capacity.
The extreme variance in the OCF/NI ratio reflects the absence of recurring revenue and the reliance on non-cash adjustments. Investors should monitor these fluctuations as they indicate that net income is largely a byproduct of accounting treatments rather than operational performance.
Based on the provided cash flow data, FMST consistently records negative free cash flow, with a notable $3.9M capital expenditure spike in 2026Q3, which underscores the company's ongoing reliance on external capital to sustain its exploration-heavy business model in the absence of commercial production.
The trajectory of free cash flow remains firmly negative, reflecting the high cost of maintaining mineral claims and exploration activities. This trend suggests that the company's liquidity position is highly sensitive to the timing of equity raises, as internal cash generation remains non-existent.
According to recent SEC filings, the company's capital expenditure profile is characterized by lumpy, project-specific spending, such as the $3.9M outlay in 2026Q3, which appears to be a strategic effort to accelerate drilling activity rather than routine maintenance of existing infrastructure.
Because the company is pre-revenue, these capital expenditures are essentially speculative investments in future resource potential. The lack of consistent depreciation and amortization suggests that these costs are being capitalized to the balance sheet, potentially masking the true rate of cash consumption.
As evidenced by the quarterly data, working capital changes are highly erratic, including a $1.4M inflow in 2025Q2 followed by a $793.8K outflow in 2025Q3, indicating that the company's cash position is frequently impacted by timing differences in payables and exploration-related accruals.
These swings in working capital suggest a lack of operational maturity and potential difficulty in managing vendor relationships or exploration commitments. Investors should view these fluctuations as a sign of the company's limited control over its short-term cash requirements.
Based on the provided financial tables, stock-based compensation frequently offsets cash-based expenses, reaching $695.0K in 2024Q2, which effectively obscures the true economic cost of operations by shifting the burden of compensation from cash reserves to shareholder dilution.
The consistent use of equity-based incentives suggests that management is attempting to preserve the limited $5M cash balance at the expense of existing shareholders. This practice warrants further investigation into the total cost of talent acquisition relative to the company's actual exploration progress.
Quick answers to the most common questions about buying FMST stock.
Foremost Clean Energy Ltd. (FMST) generated $-3.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Foremost Clean Energy Ltd. (FMST) reported negative free cash flow of $4.0M in 2025, indicating capital requirements exceeded cash from operations.
Foremost Clean Energy Ltd. (FMST) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.